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Sea Group unveils by invite-only digibank offering Maribank

Sea Group unveils by invite-only digibank offering Maribank

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Tech giant Sea Group’s digibank offering, Maribank, has launched its services in Singapore on an invite-only basis. 

Currently, Maribank’s invites are limited to consumers of its own ecosystem which include Shopee consumers and individual sellers, according to The Straits Times.  To open this account, the customer has to be a Singaporean or permanent resident who is 18 and above.

When an invite is sent, the customer can download the Maribank app from several platforms including Apple App Store, Google Play Store and Huawei AppGallery. The consumer need a valid Singapore mobile number to register for the account and can proceed to open the account digitally with Singpass Myinfo. Previously, the bank was only available to Sea employee since the third quarter of 2022.

MARKETING-INTERACTIVE has reached out for more information.

Don't miss: Sea Group shuts down Shopee operations in India

In 2020, the Monetary Authority of Singapore announced Sea's award of a digital full bank license, the first time such a license was awarded in Singapore. During the appointment, SEA group CEO Forrest Li said it was Sea’s mission is to better the lives of consumers and small businesses through technology. He also shared that through its platforms, Sea is already deeply integrated into Singapore’s digital economy with young consumers and SMEs.

The digital bank was then planning to draw on insights about the needs of these users from across Sea’s digital ecosystem to innovate processes, products, and services for young consumers and SMEs in Singapore to "support the growth of the country’s digital economy by reducing the barriers to accessing financial services through technology", said the company in 2020.

 “As a proudly homegrown company, we look forward to further contributing to the long-term development of our nation’s digital economy, creating more employment opportunities in Singapore, and empowering our whole community to thrive in the digital era,” he shared.

Meanwhile the Sea group has also made headlines in recent times for another fresh round of layoffs of about 200 individuals in its Shopee Indonesia arm. Staff affected are within a customer service team in Indonesia and are made up of a mixture of full-time and contract staff, and came despite the company having a rather favourable result.

According to reports, the group posted its first-ever positive net income since it was founded in 2009 for the fourth quarter of 2022 came up to $422.8 million, up from negative $616.3 million in the same period a year ago

This isn’t the first digital bank launched in Singapore. There are also GXS Bank, Trust Bank, Anext Bank and Green Link Digital Bank. 

Related articles: 

SEA Group reportedly on the verge of selling Phoenix Labs
Sea Group's management to forgo salary
Sea suspends 2022 eCommerce forecast as group records SG$1.28bn net loss in Q2
Grab, Sea Group and Boost among 5 consortiums awarded digital banking licence

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